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The Capitalist Newsletter – April 12, 2017

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WELLS FARGO CLAWS BACK $75 MILLION FROM FORMER EXECS; MORE FALLOUT TO COME?


In the fallout of the Wells Fargo scandal from September of 2016 — in which it was revealed that fraudulent credit and banking accounts were being created for Wells Fargo customers without their knowledge — regulators, customers, and Wells Fargo execs have been looking for someone to blame. And it seems that they’ve found their scapegoats. The bank is putting all the blame on two former executives: Former CEO John G. Stumpf and former head of community banking Carrie L. Tolstedt. Wells Fargo is clawing back $75 million from the two former executives. But is that enough to calm the waters? What other fallout can we expect from the Wells Fargo debacle?

Read The Capitalist’s Take Here

Read More at USA Today

Read More at NY Times


TROUBLED TOSHIBA REPORTS UNAUDITED RESULTS AFTER 2 DELAYS; MAY NOT BE ABLE TO STAY IN BUSINESS

Toshiba Corp., whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, reported unaudited earnings Tuesday and projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March. Tokyo-based Toshiba’s unaudited results showed it racked up a 532.5 billion yen ($4.8 billion) loss for the April-December 2016 period. In February, the company, whose products include computer chips and household appliances, had forecast a 390 billion yen ($3.5 billion) loss for the fiscal year.

Read More at USA Today Here

Read More at Fortune Here

Read More at CNN Here

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U.S. OFFICIALS CONCLUDE RUSSIA KNEW ABOUT SYRIA SARIN GAS ATTACK IN ADVANCE

Russia knew in advance that Syria was planning a chemical weapons attack on its own people but did nothing to prevent it, the US has concluded. A senior US official told AP that Washington had analysed reports of a drone flying over the site, and determined that the drone was operated by the Russians. The drone went up immediately after the April 4 sarin gas attack, and begun

Read More at Telegraph Here

Read More at NY Times Here

Read More at Washington Times Here


Closing Bell

– Tuesday, April 11th

Markets Tick Down as Defense Rally Stalls Out

Big Insider Trades

– Grand Canyon Education, Inc. (LOPE) CEO Brian Mueller Sells $2m

– Hemispherx Biopharma, Inc. (HEB) Director Jean Jacques Bienaime Buys $100k

Winners & Losers

– RetailMeNot, Inc. (SALE) Soars UP (48.39%) After Being Acquired for $630m

– Copart, Inc. (CPRT) Tumbles DOWN (49.89%) After Overextending and Opening Sixth Location

Most Talked About

Payment Data Systems, Inc. (PYDS) Considered a Near-Unanimous Strong Buy After Stellar Earnings Report

The TIP Sheets

– Tuesday, April 11th

– North Atlantic Drilling Ltd (NADL) Skyrockets UP (267.35%) on News that the Company Secured 10 Year Contracts for 2 Jackup Rigs. Expect Shares to Continue UP

Unusual Volume

Plug Power Inc. (PLUG) Rises UP Another (7.76%) on 47m Shares Traded on Momentum from Last Week’s News that Amazon is Fueling all its Forklifts with Plug Power Fuel Cells. Amazon Also Reserves the Right to Purchase a Larger Stake in PLUG. Expect Shares to Continue UP

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